Spinny confidentially pre-files for IPO, targets 2027 listing and 35 buyer cities

Used-car platform Spinny has confidentially pre-filed for an IPO reportedly targeting Rs 2,500-3,000 crore. The company appointed Bharti CFO Akhil Gupta and Info Edge’s Geeta Mathur to its board as it plans to expand from 25 to about 35 buyer cities.

— Source publishedTue, 22 Sept, 2026, 09:33 IST·First seen Tue, 22 Sept, 2026, 09:36 IST·Source Entrackr

What happened

Used-car retailer Spinny confidentially pre-filed for an IPO targeting Rs 2,500-3,000 crore and a 2027 listing. It added Akhil Gupta and Geeta Mathur as

Key facts

  • Rs 2,500-3,000 crore targeted IPO raise
  • 15,000 cars sold monthly
  • 25 buyer cities
  • 100+ seller cities
  • FY25 revenue Rs 4,657 crore, up 25% from Rs 3,730 crore in FY24
  • FY26 revenue estimated around Rs 6,000 crore
  • Expansion target of around 35 buyer cities
  • Approximately $780 million raised to date
  • Last funding round approximately $165 million
  • Last valuation $1.5-1.8 billion

Why this matters

Spinny’s IPO path and city rollout could make partnerships or acquisitions in vehicle sourcing, inspection, financing, and after-sales capabilities more strategically valuable across the used-car ecosystem.

What to watch

  • Formal DRHP filing, named bookrunners, target valuation and revised listing timeline.
  • Evidence of sustained improvement in contribution margin, EBITDA losses, inventory days and vehicle gross margin.
  • Number and pace of new buyer-city launches versus stated 35-city ambition.
  • Funding round, secondary sale or debt facilities that indicate working-capital capacity.
  • Changes in financing approval rates, loan attachment, insurance/warranty take rates and lender partnerships.
  • Competitive actions from Cars24, CarDekho, OLX, OEM-backed used-car programs and organized dealer networks.
  • Used-car demand, residual values, interest rates and consumer-auto financing conditions in India.
  • Add independent directors, audit/risk committees and IPO-oriented financial controls.
  • Accelerate city launches through asset-light sourcing, inspection and delivery partnerships where possible.
  • Tighten inventory age targets and reduce exposure to slow-moving premium or niche vehicles.
  • Increase used-car finance, insurance, warranty and trade-in penetration to improve gross profit per vehicle.
  • Prepare for a pre-IPO capital raise or secondary transaction to fund expansion and strengthen the balance sheet.
  • Use IPO readiness to recruit senior finance, compliance, supply-chain and regional operations talent.